应收账款管理外文文献.docx
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应收账款管理外文文献.docx
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应收账款管理外文文献
应收账款管理外文文献
MANAGEMENTOFACCOUNTSRECEIVABLE
INACOMPANY
Abstract
Accountsreceivablemanagementdirectlyimpactstheprofitabilityofacompany.
Firstly,thepurposeoftheempiricalpartofthestudyistoanalyzeaccounts
receivableandtodemonstrateacorrelationbetweentheaccountsreceivablelevel
andprofitabilityexpressedintermsofRetunonAssets(ROA)of
companies.Secondly,theaimoftheoreticalresearchistoexplorecostand
benefitsofchangesincreditpolicy,determinetheindependentvariableswhich
haveanimpactonnetsavingsandestablisharelationshipamongtheminorder
todevelopanewmathematicalmodelforcalculatingnetsavingsfollowinga
revisionofcreditpolicy.Onthebasisofresearchresult,amathematicalmodelfor
calculatingnetsavingsandfollowingarevisionofcreditpolicy,hasbeen
developedandwiththismodelacompanycanconsiderdifferentcreditpoliciesas
wellaschangesincreditpolicyinordertoimproveitsincomeandprofitability
andestablishacreditpolicythatresultsinthegreatestnetprofitability.
Keywords:
accountsreceivable,profitability,netsavings,creditpolicy
21
sample
EKON.MISAOPRAKSADBK.GODXXII.(2013.)BR.1.(21-38)Kontuš,E.:
MANAGEMENTOFACCOUNTS...
interestrevenues–includingthepotentialtorecoverpastsalesthatremain
3
uncollected.
Oncethedecisiontograntcredithasbeenmade,thefirmmustestablish
thetermsofthecredit.Credittermsareoftenseparatedintotwoparts:
thecredit
periodandthecreditdiscount.
Collectionofaccountsreceivableisanimportantprocessfora
corporationandrequiresawell-designedandwell-implementedpolicy.One
techniqueisthefactoringofaccountsreceivables.Inatypicalfactoring
arrangement,onefirmwillselltheiraccountsreceivableoutrighttoanotherfirm
foranagreed-uponprice.Thereiausuallynorecourseinsuchtransactions,such
thatthebuyer(alsoknownasthefactor)takesthelossifthepurchaserofthe
goodsdoesnotultimatelypayforthem.
Anothertechniquetoexpeditethereceiptofaccountsreceivableisto
utilizelockboxes.Lockboxesarepaymentcollectionlocationsspread
geographicallysoastoreducetheamountoftimerequiredforchecksmailedto
thefirmtobedepositedandcleared.Thelockboxesaretypicallypostofficebox
addressesfromwhichdepositsgodirectlytoabankonthedayofreceipt.The
reductionofmailingtimeandcheckclearingtimeforthebankscanproduce
significantsavingswhenlargesumsofmoneyareinvolved.
Paymentsofaccountsreceivableshouldbecloselymonitoredtodetect
potentialproblemssuchaswouldbeindicatedbyslowpayments.Followingup
onslow-payingcustomersisanimportantfunctionofthecreditdepartment.
Proceduresshouldbecarefullydevelopedandconsistentlyimplemented4.
Themajordecisionregardingaccountsreceivableisthedeterminationof
theamountandtermsofcredittoextendtocustomers.Thetotalamountof
accountsreceivableisdeterminedbytwofactors:
thevolumeofcreditsalesand
theaveragelengthoftimebetweensalesandcollections.Thecredittermsoffered
haveadirectbearingontheassociatedcostsandrevenuetobegeneratedfrom
receivables.
Inevaluatingapotentialcustomer’sabilitytopay,considerationshould
begiventothefirm’sintegrity,financialsoundness,collateraltobepledged,and
currenteconomicconditions.Acustomer’screditsoundnessmaybeevaluated
throughquantitativetechniquessuchasregressionanalysis.Baddebtlossescanbe
estimatedreliablywhenacompanysellstomanycustomersandwhenitscredit
policieshavenotchangedforalongperiodoftime.Inmanagingaccounts
receivable,thefollowingproceduresarerecommended:
•
•
•
establishacreditpolicy
establishapolicyconcerningbilling
establishapolicyconcerningcollection.
3
4
Ibidem,p.520.
Ibidem,p.521-522.
24
EKON.MISAOPRAKSADBK.GODXXII.(2013.)BR.1.(21-38)Kontuš,E.:
MANAGEMENTOFACCOUNTS...
Theestablishmentofacreditpolicycanincludethefollowingactivities:
•
Adetailedreviewofapotentialcustomer’ssoundnessshouldbemade
priortoextendingcredit.Proceduressuchasacarefulreviewofthe
customer’sfinancialstatementsandcreditrating,aswellasareviewof
financialservicereportsarecommon.
•
•
Ascustomerfinancialhealthchanges,creditlimitshouldberevised.
Marketingfactorsmustbenotedsinceanexcessivelyrestrictedcredit
policywillleadtolostsales.
•
Thepolicyisfinanciallyappropriatewhenthereturnontheadditional
salesplustheloweringininventorycostsisgreaterthantheincremental
5
costassociatedwiththeadditionalinvestmentinaccountsreceivable.
Thefollowingproceduresarerecommendedinestablishingapolicy
concerningbilling:
•
Customerstatementsshouldbesentwithin1daysubsequenttotheclose
oftheperiod.
•
•
Largesalesshouldbebilledimmediately.
Customersshouldbeinvoicedforgoodswhentheorderisprocessed
ratherthanwhenitisshipped.
•
•
Billingforservicesshouldbedoneonaninterimbasisorimmediately
priortotheactualservices.Thebillingprocesswillbemoreuniformif
cyclebillingisemployed.
Theuseofseasonaldating’sshouldbeconsidered.
Inestablishingapolicyconcerningcollectionthefollowingprocedures
shouldbeused:
•
Accountsreceivableshouldbeagedinordertoidentifydelinquentand
high-riskcustomers.Theagingshouldbecomparedtoindustrynorms.
•
Collectioneffortsshouldbeundertakenattheveryfirstsignofcustomer
6
financialunsoundness.
2.2.
Managingthecreditpolicy
Thesuccessorfailureofabusinessdependsprimarilyonthedemandfor
itsproducts.
5
Shim,J.K.,Siegel,J.G.:
FinancialManagement,Thirdedition,McGrawHill,NewYork,2007,
p.
107-108.
6
Ibidem,p.108.
25
EKON.MISAOPRAKSADBK.GODXXII.(2013.)BR.1.(21-38)Kontuš,E.:
MANAGEMENTOFACCOUNTS...
Themajordeterminantsofdemandaresalesprices,productquality,
advertising,andthecompany’screditpolicy.Thefinancialmanagerisresponsible
foradministeringthecompany’screditpolicy.Receivablesmanagementbegins
withthecreditpolicy.Creditpolicyconsistsoffourmajorcomponents:
credit
standards,creditterms,thecreditlimitandcollectionprocedures.
Creditstandardsrefertotherequiredfinancialstrengthofacceptable
creditcustomers.
Basedonfinancialanalysisandnonfinancialdata,thecreditanalyst
determineswhethereachcreditapplicantexceedsthecreditstandardandthus
qualifiesforcredit.Lowercreditstandardsboostsales,butalsoincreasebaddebts.
Theminimumstandardsacustomermustmeettobeextendedcreditare:
character,
capital,capacity,conditionsandcollateral.
Thecreditperiod,stipulatinghowlongfromtheinvoicethecustomerhas
topay,andthecashdiscounttogethercomprisetheseller’screditterms.A
company’scredittermsareusuallyverysimilartothatofothercompaniesinits
industry7.
Discountsgivenforearlypaymentincludethediscountpercentageand
howrapidlypaymentmustbemadetoqualifyforthediscount.
Ifcreditisextended,thedollaramountthatcumulativecreditpurchases
canreachforagivencustomerconstitutesthatcustomer’screditlimit.The
customerperiodicallypaysforcreditpurchases,freeingupthatamountofthe
creditlimitforfurtherorders.Thetwoprimarydeterminantsoftheamountofa
customer’screditlimitarerequirementsforthesupplier’sproductsandtheability
ofthecustomertopayitsdebts.Thelatterfactorisbasedprimarilyonthe
customer’srecentpaymentrecordwiththesellerandothersandareviewand
analysisofthecustomer’smostrecentfinancialstatements
8
.
Detailedstatementsregardingwhenandhowthecompanywillcarryout
collectionofpast-dueaccountsmakeupthecompany’scollectionprocedures.
Thesepoliciesspecifyhowlongthecompanywillwaitpasttheduedatetoinitiate
collectionefforts,themethodsofcontactwithdelinquentcustomers,andwhether
andatwhatpointaccountswillbereferredtoanoutsidecollectionagency.
9
Collectionpolicyismeasuredbyitstoughnessorlaxityinattemptingto
collectonslow-payingaccounts.Atoughpolicymayspeedupcollections,byit
mightalsoangercustomers,causingthemtotaketheirbusinesselsewhere.
10
7
Maness,T.S.,Zietlow,J.T.:
Short-TermFinancialManagement,ThirdEdition,ThomsonSouth-
Western,Ohio,2005,p.139.
8
Ibidem,p.139.
9
Ibidem,p.141.
10
Brigham,E.F.,Daves,P.R.:
IntermediateFinancialManagement,8thedition,ThomsonSouth-
Western,Ohio,2004.,p.715.
26
EKON.MISAOPRAKSADBK.GODXXII.(2013.)BR.1.(21-38)Kontuš,E.:
MANAGEMENTOFACCOUNTS...
Afirmmayliberalizeitscreditpolicybyextandingfullcredittopresently
limitedcreditcustomersortonon-creditcustomers.Fullcreditshouldbegiven
onlyifnetprofitabilityoccurs.Afinancialmanagerhastocomparetheearnings
onsalesobtainedtotheaddedcostofthereceivables.Theadditionalearnings
representthecontributionmarginontheincrementalsalesbecausefixedcostsare
constant.Theadditionalcostsontheadditionalreceivablesresultfromthegreater
numberofbaddebtsandtheopportunitycostoftyingupfundsinreceivablesfora
longertimeperiod.
Ifafirmconsidersofferingcredittocustomerswithahigher-than-normal
riskrating,theprofitabilityonadditionalsalesgeneratedmustbecomparedwith
theamountofadditionalbaddebtsexpe
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